I have work on SEO for not so long, but I learnt some draw lessons about link building, especially one way link building. The most benefit of one way link building can't be denied as Keyword targeting. Internet users enter keywords in the search engines to find information. Targeting your specific keyword in the text of your one way link (known as anchor text) will increase your search engine visibility. Secondly, one way link building increase search engine rankings. It's a matter of fact that your site’s rankings increase in proportion to the number of links pointing to it. The more links you receive from other sites, the higher your rankings. What are the other ideas from you guys about the Benefits of one way link building? Fell free to express your idea about this topic. I highly appreciate your opinions to spread out your knowledge about SEO and link building. Thanks a lot. ^^
Another thing link building helps with is increasing your site's PR. If you are getting backlinks from good PR pages then you also get a share of page rank from those pages...
I have come across this article http://www.jimwestergren.com/link-building-guide/ and I find it very helpful.